OppenheimerFunds Inc. cut its stake in shares of IDACORP Inc (NYSE:IDA) by 18.6% during the 1st quarter, HoldingsChannel reports. The fund owned 4,663 shares of the coal producer’s stock after selling 1,068 shares during the period. OppenheimerFunds Inc.’s holdings in IDACORP were worth $412,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in shares of IDACORP by 164.1% in the 1st quarter. Wells Fargo & Company MN now owns 610,522 shares of the coal producer’s stock valued at $53,891,000 after purchasing an additional 379,310 shares in the last quarter. Millennium Management LLC raised its position in shares of IDACORP by 519.8% in the 4th quarter. Millennium Management LLC now owns 324,119 shares of the coal producer’s stock valued at $29,612,000 after purchasing an additional 271,825 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of IDACORP by 48.8% in the 4th quarter. Renaissance Technologies LLC now owns 664,400 shares of the coal producer’s stock valued at $60,700,000 after purchasing an additional 217,900 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of IDACORP in the 4th quarter valued at approximately $10,050,000. Finally, Prudential Financial Inc. raised its position in shares of IDACORP by 71.6% in the 1st quarter. Prudential Financial Inc. now owns 216,366 shares of the coal producer’s stock valued at $19,099,000 after purchasing an additional 90,270 shares in the last quarter. 76.55% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Christine King sold 2,900 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $87.21, for a total value of $252,909.00. Following the completion of the sale, the director now directly owns 13,381 shares in the company, valued at approximately $1,166,957.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by insiders.
Shares of IDACORP opened at $92.12 on Friday, according to Marketbeat Ratings. IDACORP Inc has a 52-week low of $79.59 and a 52-week high of $100.04. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 21.58, a price-to-earnings-growth ratio of 5.69 and a beta of 0.40. The company has a current ratio of 1.92, a quick ratio of 1.56 and a debt-to-equity ratio of 0.81.
IDACORP (NYSE:IDA) last announced its earnings results on Thursday, May 3rd. The coal producer reported $0.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.02. IDACORP had a return on equity of 9.62% and a net margin of 15.88%. The company had revenue of $310.11 million for the quarter, compared to analyst estimates of $302.93 million. During the same period in the prior year, the company posted $0.66 EPS. sell-side analysts expect that IDACORP Inc will post 4.19 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 30th. Stockholders of record on Monday, May 7th were issued a $0.59 dividend. The ex-dividend date was Friday, May 4th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.56%. IDACORP’s dividend payout ratio (DPR) is 56.06%.
A number of equities analysts have issued reports on the company. Zacks Investment Research lowered IDACORP from a “buy” rating to a “hold” rating in a research report on Tuesday, June 19th. Williams Capital lowered IDACORP from a “hold” rating to a “sell” rating and set a $80.00 target price on the stock. in a research report on Monday, June 4th. Finally, ValuEngine lowered IDACORP from a “buy” rating to a “hold” rating in a research report on Tuesday, May 8th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. IDACORP presently has a consensus rating of “Hold” and a consensus target price of $89.00.
IDACORP Company Profile
IDACORP, Inc, through its subsidiary, Idaho Power Company, engages in the generation, transmission, distribution, purchase, and sale of electric energy in the United States. It operates 17 hydroelectric generating plants located in southern Idaho and eastern Oregon, as well as 3 natural gas-fired plants in southern Idaho; and owns interests in 3 coal-fired steam electric generating plants located in Wyoming, Nevada, and Oregon.
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